Round of 16
First leg matches were played between April 25, 1995 and April 27, 1995. Second leg matches were played on May 3, 1995 and May 4, 1995.
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg |
|---|---|---|---|---|
| Olimpia | 0-5 | Grêmio | 0-3 | 0-2 |
| Emelec | 2-2 (5-4 pk) | Cerro Porteño | 2-0 | 0-2 |
| Alianza Lima | 1-3 | Millonarios | 1-1 | 0-2 |
| Caracas | 5-8 | Sporting Cristal | 2-2 | 3-6 |
| Bolívar | 1-3 | Palmeiras | 1-0 | 0-3 |
| Atlético Nacional | 6-2 | Peñarol | 3-1 | 3-1 |
| Independiente | 2-5 | Vélez Sársfield | 0-3 | 2-2 |
| Universidad Católica | 3-4 | River Plate | 2-1 | 1-3 |
Read more about this topic: 1995 Copa Libertadores